Facebook shares slip on report of widened probe into Cambridge Analytica scandal

New agencies join Facebook Cambridge Analytica investigation expand scope report

The news marks the latest development in the wake of Facebook's Cambridge Analytica scandal, which revealed that the data of some 87 million Facebook users had been harvested by the firm. The leading social network offered no details but its admission confirmed reports of a widening investigation into the misuse of private data by Facebook and its partners.

Facebook shares dropped as much as 2.3% in early trading Tuesday, following a report that multiple USA federal agencies are investigating the social giant's improper sharing of user data with now-defunct political consulting firm Cambridge Analytica.

A source familiar with the inquiries told CNN that the SEC is examining the timing of Facebook's disclosure of the data transfer to investors, while the FTC is looking into whether the data transfer violated a 2011 consent decree that governs how the platform can use consumer information.

Zuckerberg, testifying before lawmakers on Capitol Hill, and Facebook has since sent Congress hundreds of pages in answers to lawmaker's follow-up questions.

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Cambridge Analytica used Facebook data gathered in 2014 by Cambridge University data scientist Aleksandr Kogan. The focus of this broadened federal probe is on Facebook that first enabled this access and then chose not to inform the public or the government about it. Accordingly, the FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook.

"We are cooperating with officials in the U.S., United Kingdom and beyond".

"The fact that the Justice Department, the Federal Bureau of Investigation, the SEC and the FTC are sitting down together does raise serious concerns", Vladeck said.

"In April, we publicly announced that we'd start shutting down these APIs (application programming interface)-and we continue to make other changes that restrict the information people can share to better protect their privacy".

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